Stock price when the opinion was issued
Banks tend to move on the same macro variables. It's too painful on your taxes to sell this one only to buy another similar one. You're better off just holding on.
Not a compelling barn-burner buy today, at best it's a hold. European banks are tactically more attractive than the US and, especially, the Canadian banks.
Their focus is less Europe, more Asia and Middle East. To do this, they are laying off a lot of staff. Return on invested capital is only 6%, but the cost of that capital is 7%. Negative, despite a 5% dividend that won't rise.